Pune, Oct. 25, 2024 (GLOBE NEWSWIRE) -- Big Data as a Service (BDaaS) Market Size Analysis:
“The SNS Insider report indicates that the Big Data as a Service (BDaaS) Market was valued at USD 26.9 billion in 2023 and is projected to grow to USD 155.8 billion by 2032, achieving a compound annual growth rate (CAGR) of 21.59% over the forecast period of 2024-2032.”
There are several factors that driving the demand of Big Data as a Service (BDaaS), Companies are gaining a deeper understanding of being data-centric, that data plays an integral role as it helps in decision-making and customer engagement. With BDaaS, enterprises are able to analyze massive amounts of data without needing to invest heavily in infrastructure capital as it provides the requisite flexibility and scalability. With enterprise-wide digitization, organizations need complex data analytics solutions to make sense out of big-data and this is why businesses are increasingly turning towards BDaaS.
In addition to this, the emergence of new artificial intelligence (AI) and machine learning (ML) technologies such are data analytics has become more sophisticated requiring companies to search for BDaaS that can provide advanced analytics capabilities. Furthermore, the growing amount of data created from IoT devices, social media and e-commerce sites is leading to demand for effective data management solutions. Given the desire of companies to utilize this data, BDaaS naturally becomes a trending choice due to its ease of implementation and economical per month use.
With BDaaS, organizations can focus on big data without the large upfront costs associated with building physical infrastructure. Cloud-based services provide flexibility and scalability that enable organizations to switch their data resources based on changing conditions. Although it is advantageous, BDaaS has challenges concerning data security and privacy issues. This could make organizations reluctant to adopt as they may be unwilling to transfer sensitive data at external service providers. The ever-increasing data generation opens up great business opportunities for BDaaS providers. With the rise of data-driven decision-making across industries, we can expect an increase in demand for comprehensive and integrated analytics solutions.
Moreover, due to the rapid progress in AI and ML technologies, BDaaS providers are being offered avenues to innovate to provide sophisticated analytics capabilities that can meet ever-evolving customer requirements. The BDaaS market has a rapid growth which will make it competitive as there are players now entering in this space may lead to price war and reduced margins. For instance, As of 2023, around 94% of enterprises reported using cloud services, with many organizations leveraging Big Data analytics capabilities through BDaaS. Moreover, new regulation concerning data privacy may make it difficult for BDaaS providers by demanding that they alter their services approach to cater into them.
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Major Players Analysis Listed in this Report are:
- Amazon Web Services (AWS) - Amazon Redshift
- Microsoft Azure - Azure Synapse Analytics
- Google Cloud Platform (GCP) - BigQuery
- IBM - IBM Cloud Pak for Data
- Oracle - Oracle Big Data Service
- Cloudera - Cloudera Data Platform
- Hortonworks - Hortonworks Data Platform
- SAP - SAP Data Intelligence
- Teradata - Teradata Vantage
- Snowflake - Snowflake Data Cloud
- Domo - Domo Business Cloud
- Qlik - Qlik Sense
- Sisense - Sisense for Cloud Data Teams
- Tableau (Salesforce) - Tableau Cloud
- Hewlett Packard Enterprise (HPE) - HPE Ezmeral Data Fabric
- Alteryx - Alteryx Designer
- Palantir Technologies - Palantir Foundry
- Apache Cassandra - Apache Cassandra as a Service
- Splunk - Splunk Cloud
- Zoho - Zoho Analytics
Big Data as a Service (BDaaS) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 26.9 billion |
| Market Size by 2032 | USD 155.8 Billion |
| CAGR | CAGR of 21.59 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •The shift to cloud-based infrastructure enables scalable and cost-effective data management solutions. •Increased IoT device connectivity generates massive data, driving the need for real-time analytics and BDaaS solutions. •BDaaS reduces the need for expensive in-house infrastructure, attracting businesses looking to optimize costs. |
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Segmentation Analysis
By Organization Size
Large enterprise segment held the highest revenue share in 2023. These organizations are progressively using some of the advanced analytics offered by data science to maintain a competitive edge in their business processes, and aid better decision-making. BDaaS Platforms provide access to these and other analytical tools, including predictive analytics, machine learning, and artificial intelligence without requiring large, in-house investments. Such ability empowers the large organisation to extract meaningful insights, forecast trends, strategize and make decisions based on data that ultimately drive business and its processes in a more efficacious way. This demand for advanced analytics solutions is one of the main factors driving BDaaS adoption by large enterprises.
However, the SME segment is projected to register highest CAGR in the market during forecast period. Unlike larger organizations, SMEs will not have the luxury of large IT departments or dedicated data scientists. Built for ease of use, BDaaS platforms include easy-to-use graphical interfaces as well as automated processes that abstract the complexities of big data analytics. This enables SMEs to deploy big data solutions and start data analysis without having a profound level of technical knowledge. BDaaS reduces the entry level required and enables SMEs to implement data-driven decision-making, which is driving this segment growth in the market.
Big Data as a Service (BDaaS) Market Segmentation:
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Solution
- Hadoop-as-a-Service
- Data-as-a-Service
- Data Analytics-as-a-Service
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By End-Use
- BFSI
- Manufacturing
- Retail
- Media & Entertainment
- Healthcare
- IT & Telecommunication
- Government
- Others
Regional Landscape
North America dominated the market and accounted for the highest revenue share of 36.1% in 2023 for Big Data as a Service (BDaaS) market. It finds application across the region, and most businesses use a mix of cloud services. The well-developed infrastructure for the cloud and the recent trend towards cloud adoption benefits BDaaS as a cloud-based solution. Organizations are increasingly moving their data workloads to the cloud for its scalability, flexibility, and cost-effectiveness. Cloud computing in North America has also experienced strong growth, and the expansion of BDaaS is supported by companies pursuing an integrated big data approach that fits with their cloud strategy and infrastructure.
The BDaaS market was the largest in terms of revenue share in 2023, driven by an advanced cloud computing infrastructure in the U.S. Several key cloud service providers including Amazon Web Services (AWS), Microsoft Azure, and Google Cloud have a robust footing in the region. Also, this strong cloud ecosystem helps BDaaS grow as it allows scalable, flexible, and low-cost data solutions. To cope with diverse data demands, a growing number of American organizations are using cloud services, such as BDaaS, to economically and effectively process massive amounts of information. The pre-existing cloud infrastructure and extensive proliferation of cloud technologies support the growth of BDaaS in the U.S. market.
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Recent Developments
In June 2024, China introduced Ocean Cloud, its inaugural open marine big data service platform, at an event in Xiamen held in conjunction with World Oceans Day. The platform is designed to enhance the integration and accessibility of marine data, facilitating improved information exchange on both national and global scales through a global ocean three-dimensional observation network.
In December 2023, DxVx entered into a partnership with LG CNS to jointly develop a bio-healthcare big data platform that incorporates artificial intelligence (AI). This collaboration aims to strengthen DxVx's capabilities in personalized precision medicine by utilizing AI for advanced data analysis and enhancing healthcare solutions.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Big Data as a Service (BDaaS) Market Segmentation, by Deployment
8. Big Data as a Service (BDaaS) Market Segmentation, by Solution
9. Big Data as a Service (BDaaS) Market Segmentation, by Organization Size
10. Big Data as a Service (BDaaS) Market Segmentation, by End-Use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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